Pennsylvania Real Estate Investment Trust is under agreement
to sell Washington Crown Center mall south of Pittsburgh and will seek a buyer
for another western Pennsylvania property, Beaver Valley Mall.
PREIT has received a non-refundable deposit for
Washington Crown Center, the sale of which is expected to close by the end of
September, the Philadelphia-based mall developer said in a release on Monday.
The company said that it had decided to sell Beaver
Valley Mall after Royal Dutch Shell's recent announcement that it will proceed
with plans for a petrochemical plant nearby that is expected to be a boon to
the economy there.
PREIT also said it is under agreement to sell an office
building it had retained at Voorhees Town Center when it sold the rest of the
South Jersey mall last year.
Source: Philly.com
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